The impact of intellectual capital and company risk on stock returns with size as a moderator
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Published:
Mar 30, 2025
Keywords:
Company Risk, Firm Size, Intellectual Capital, Stock Return
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Articles
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Abstract
This study aims to investigate the interaction between Intellectual Capital and company risk in influencing stock returns, as well as how company size may moderate this relationship. By gaining a deeper understanding of these dynamics, companies are expected to make more informed decisions regarding the management of Intellectual Capital, risk management, and the optimization of stock returns. The primary objective is to assess the impact of Intellectual Capital and company risk on stock returns, and to determine whether company size strengthens or weakens the relationship between these factors and stock returns. The research employs a quantitative approach, focusing on manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange from 2021 to 2023. The sample is selected using purposive sampling, and data analysis includes Multiple Linear Regression, Correlation, and Determination tests. The data is processed using the Eviews 12 statistical tool. The findings reveal that Intellectual Capital significantly affects stock returns, while company risk does not have a significant impact. Additionally, company size enhances the influence of Intellectual Capital on stock returns, but does not moderate or weakens the effect of company risk on stock returns.
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How to Cite
Permatasari, N. K., Dasmaran, V., & Tatang, T. (2025). The impact of intellectual capital and company risk on stock returns with size as a moderator. Indonesia Auditing Research Journal, 14(1), 125–134. https://doi.org/10.35335/arj.v14i1.392
References
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Berliana, n., nisrina, r., wulan suci, a., & wahyu nugroho, m. P. (2024). The effect of intellectual capital on stock return through financial performance. Return : study of management, economic and bussines, 3(7), 429–439. Https://doi.org/10.57096/return.v3i7.238
De villiers, c., & sharma, u. (2020). A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting. Critical perspectives on accounting, 70, 101999. Https://doi.org/10.1016/j.cpa.2017.05.003
Fazrin, r., hermanto, h., & putra, i. N. N. A. (2019). Pengaruh intellectual capital terhadap return saham dengan profitabilitas sebagai variabel intervening. E-jurnal akuntansi, 29(1), 145. Https://doi.org/10.24843/eja.2019.v29.i01.p10
Fitria, j. D., das, n. A., & defitri, s. Y. (2024). Pengaruh intellectual capital dan konservatisme akuntansi terhadap kinerja keuangan dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan farmasi yang terdaftar di bursa efek indonesia tahun 2018-2022. Jurnal bina bangsa ekonomika, 17(1), 323–330. Https://jbbe.lppmbinabangsa.id/index.php/jbbe/article/view/489/244
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Kouloukoui, d., sant’anna, â. M. O., da silva gomes, s. M., de oliveira marinho, m. M., de jong, p., kiperstok, a., & torres, e. A. (2019). Factors influencing the level of environmental disclosures in sustainability reports: case of climate risk disclosure by brazilian companies. Corporate social responsibility and environmental management, 26(4), 791–804. Https://doi.org/https://doi.org/10.1002/csr.1721
Lee, c. C., lee, c. C., & xiao, s. (2021). Policy-related risk and corporate financing behavior: evidence from china’s listed companies. Economic modelling, 94, 539–547. Https://doi.org/10.1016/j.econmod.2020.01.022
Lehenchuk, s., zakharov, d., vyhivska, i., makarovych, v., & sheveria, y. (2024). The impact of intellectual capital on company financial performance: evidence from the omani industrial sector. Investment management and financial innovations, 21(1), 343–355. Https://doi.org/10.21511/imfi.21(1).2024.26
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Mubeen, r., han, d., abbas, j., álvarez-otero, s., & sial, m. S. (2021). The relationship between ceo duality and business firms’ performance: the moderating role of firm size and corporate social responsibility. Frontiers in psychology, 12(december), 1–17. Https://doi.org/10.3389/fpsyg.2021.669715
Munjal, s., requejo, i., & kundu, s. K. (2019). Offshore outsourcing and firm performance: moderating effects of size, growth and slack resources. Journal of business research, 103, 484–494. Https://doi.org/10.1016/j.jbusres.2018.01.014
Nimtrakoon, s. (2015). The relationship between intellectual capital, firms’ market value and financial performance. Journal of intellectual capital, 16(3), 587–618. Https://doi.org/10.1108/jic-09-2014-0104
Ozkan, n., cakan, s., & kayacan, m. (2017). Intellectual capital and financial performance: a study of the turkish banking sector. Borsa istanbul review, 17(3), 190–198. Https://doi.org/10.1016/j.bir.2016.03.001
Palisungan, w. (2018). Pengaruh risiko investasi terhadap return saham pada perusahaan otomotif yang terdaftar di bursa efek indonesia. Prodi manajemen, fakultas ekonomi dan bisnis, 66.
Putri. (2021). Pengaruh intellectual capital, leverage, profitabilitas, dan likuiditas terhadap nilai perusahaan. Current: jurnal kajian akuntansi dan bisnis terkini, 2(2), 259–277. Https://doi.org/10.31258/jc.2.2.259-277
Putri, d. L., rahmat, a., & aznuriyandi. (2020). Pengaruh risiko perusahaan, proporsi dewan komisaris independen, komite audit dan konservatisme akuntansi terhadap tax avoidance pada perusahaan manufaktur yang terdaftar pada bursa efek indonesia tahun 2015-2017. Jurnal akuntansi kompetif, 3(1), 7–17. Http://repository.umy.ac.id/handle/123456789/10165
Rinanda, y. (2022). Pengaruh leverage, size, dan likuiditas terhadap luas pengungkapan sukarela dalam laporan tahunan. Jurnal manajemen pendidikan dan ilmu sosial, 3(2), 682–696.
Sánchez, j. P., yañez-araque, b., & moreno-garcía, j. (2020). Moderating effect of firm size on the influence of corporate social responsibility in the economic performance of micro-, small- and medium-sized enterprises. Technological forecasting and social change, 151, 119774. Https://doi.org/10.1016/j.techfore.2019.119774
Secundo, g., ndou, v., vecchio, p. Del, & de pascale, g. (2020). Sustainable development, intellectual capital and technology policies: a structured literature review and future research agenda. Technological forecasting and social change, 153, 119917. Https://doi.org/10.1016/j.techfore.2020.119917
Setyawati, e. P., & irwanto, a. (2020). Pengaruh intellectual capital terhadap return saham perusahaan manufaktur di indonesia. Jurnal ekonomi dan bisnis airlangga, 30(2), 100. Https://doi.org/10.20473/jeba.v30i22020.100-113
Shrestha, p. M., & lamichhane, p. (2022). Effect of firm-specific variables on stock returns: evidence from nepal. Quest journal of management and social sciences, 4(2), 249–259. Https://doi.org/10.3126/qjmss.v4i2.50320
Slamet, m. F. (2021). Pengaruh intellectual capital terhadap return on asset dengan ukuran perusahaan sebagai variabel jimea | jurnal ilmiah mea ( manajemen , ekonomi , dan akuntansi ). 5(3), 2612–2621.
Subaki, a., & sonjaya, a. (2021). The influence of profitability, company risk, company size and company growth on corporate social responsibility disclosure. Advance : jurnal accounting, 8(2), 1–19. Http://e-journal.stie-aub.ac.id
Sun, y., yang, y., huang, n., & zou, x. (2020). The impacts of climate change risks on financial performance of mining industry: evidence from listed companies in china. Resources policy, 69, 101828. Https://doi.org/10.1016/j.resourpol.2020.101828
Wahyuni, i. (2022). Unars, f e b. 1(4), 838–853.
Wang, j., zhang, y., & goh, m. (2018). Moderating the role of firm size in sustainable performance improvement through sustainable supply chain management. Sustainability (switzerland), 10(5). Https://doi.org/10.3390/su10051654
Windasari, d., & purwanto, a. (2020). Pengaruh risiko kredit, risiko pasar, risiko likuiditas, dan risiko modal terhadap return saham dengan ukuran perusahaan sebagai variabel moderating. Diponegoro journal of accounting, 9(3), 1–12. Http://ejournal-s1.undip.ac.id/index.php/accounting
Wu, f., zhang, d., & ji, q. (2021). Systemic risk and financial contagion across top global energy companies. Energy economics, 97, 105221. Https://doi.org/10.1016/j.eneco.2021.105221
Xu, j., & li, j. (2019). The impact of intellectual capital on smes’ performance in china. Journal of intellectual capital, 20(4), 488–509. Https://doi.org/10.1108/jic-04-2018-0074
Abualoush, s., masa’deh, r., bataineh, k., & alrowwad, a. (2018). The role of knowledge management process and intellectual capital as intermediary variables between knowledge management infrastructure and organization performance. Interdisciplinary journal of information, knowledge, and management, 13, 279–309. Https://doi.org/10.28945/4088
Ahmed, z., hussin, m. R. A., & pirzada, k. (2022). The impact of intellectual capital and ownership structure on firm performance. Journal of risk and financial management, 15(12). Https://doi.org/10.3390/jrfm15120553
Alvino, f., di vaio, a., hassan, r., & palladino, r. (2021). Intellectual capital and sustainable development: a systematic literature review. Journal of intellectual capital, 22(1), 76–94. Https://doi.org/10.1108/jic-11-2019-0259
Berliana, n., nisrina, r., wulan suci, a., & wahyu nugroho, m. P. (2024). The effect of intellectual capital on stock return through financial performance. Return : study of management, economic and bussines, 3(7), 429–439. Https://doi.org/10.57096/return.v3i7.238
De villiers, c., & sharma, u. (2020). A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting. Critical perspectives on accounting, 70, 101999. Https://doi.org/10.1016/j.cpa.2017.05.003
Fazrin, r., hermanto, h., & putra, i. N. N. A. (2019). Pengaruh intellectual capital terhadap return saham dengan profitabilitas sebagai variabel intervening. E-jurnal akuntansi, 29(1), 145. Https://doi.org/10.24843/eja.2019.v29.i01.p10
Fitria, j. D., das, n. A., & defitri, s. Y. (2024). Pengaruh intellectual capital dan konservatisme akuntansi terhadap kinerja keuangan dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan farmasi yang terdaftar di bursa efek indonesia tahun 2018-2022. Jurnal bina bangsa ekonomika, 17(1), 323–330. Https://jbbe.lppmbinabangsa.id/index.php/jbbe/article/view/489/244
Florentia, e., & ekadjaja, a. (2022). Florentia dan ekadjaja: pengaruh intellectual capital, capital structure, d an firm’s…. Iv(4), 1523–1533.
Jatimupdate.id. (2024). The death of samurai: robohnya sony, panasonic, sharp, toshiba dan sanyo. Https://jatimupdate.id/baca-8467-the-death-of-samurai-robohnya-sony-panasonic-sharp-toshiba-dan-sanyo
Kouloukoui, d., sant’anna, â. M. O., da silva gomes, s. M., de oliveira marinho, m. M., de jong, p., kiperstok, a., & torres, e. A. (2019). Factors influencing the level of environmental disclosures in sustainability reports: case of climate risk disclosure by brazilian companies. Corporate social responsibility and environmental management, 26(4), 791–804. Https://doi.org/https://doi.org/10.1002/csr.1721
Lee, c. C., lee, c. C., & xiao, s. (2021). Policy-related risk and corporate financing behavior: evidence from china’s listed companies. Economic modelling, 94, 539–547. Https://doi.org/10.1016/j.econmod.2020.01.022
Lehenchuk, s., zakharov, d., vyhivska, i., makarovych, v., & sheveria, y. (2024). The impact of intellectual capital on company financial performance: evidence from the omani industrial sector. Investment management and financial innovations, 21(1), 343–355. Https://doi.org/10.21511/imfi.21(1).2024.26
Mahmood, f., han, d., ali, n., mubeen, r., & shahzad, u. (2019). Moderating effects of firm size and leverage on the working capital finance-profitability relationship: evidence from china. Sustainability (switzerland), 11(7), 19–22. Https://doi.org/10.3390/su11072029
Mubeen, r., han, d., abbas, j., álvarez-otero, s., & sial, m. S. (2021). The relationship between ceo duality and business firms’ performance: the moderating role of firm size and corporate social responsibility. Frontiers in psychology, 12(december), 1–17. Https://doi.org/10.3389/fpsyg.2021.669715
Munjal, s., requejo, i., & kundu, s. K. (2019). Offshore outsourcing and firm performance: moderating effects of size, growth and slack resources. Journal of business research, 103, 484–494. Https://doi.org/10.1016/j.jbusres.2018.01.014
Nimtrakoon, s. (2015). The relationship between intellectual capital, firms’ market value and financial performance. Journal of intellectual capital, 16(3), 587–618. Https://doi.org/10.1108/jic-09-2014-0104
Ozkan, n., cakan, s., & kayacan, m. (2017). Intellectual capital and financial performance: a study of the turkish banking sector. Borsa istanbul review, 17(3), 190–198. Https://doi.org/10.1016/j.bir.2016.03.001
Palisungan, w. (2018). Pengaruh risiko investasi terhadap return saham pada perusahaan otomotif yang terdaftar di bursa efek indonesia. Prodi manajemen, fakultas ekonomi dan bisnis, 66.
Putri. (2021). Pengaruh intellectual capital, leverage, profitabilitas, dan likuiditas terhadap nilai perusahaan. Current: jurnal kajian akuntansi dan bisnis terkini, 2(2), 259–277. Https://doi.org/10.31258/jc.2.2.259-277
Putri, d. L., rahmat, a., & aznuriyandi. (2020). Pengaruh risiko perusahaan, proporsi dewan komisaris independen, komite audit dan konservatisme akuntansi terhadap tax avoidance pada perusahaan manufaktur yang terdaftar pada bursa efek indonesia tahun 2015-2017. Jurnal akuntansi kompetif, 3(1), 7–17. Http://repository.umy.ac.id/handle/123456789/10165
Rinanda, y. (2022). Pengaruh leverage, size, dan likuiditas terhadap luas pengungkapan sukarela dalam laporan tahunan. Jurnal manajemen pendidikan dan ilmu sosial, 3(2), 682–696.
Sánchez, j. P., yañez-araque, b., & moreno-garcía, j. (2020). Moderating effect of firm size on the influence of corporate social responsibility in the economic performance of micro-, small- and medium-sized enterprises. Technological forecasting and social change, 151, 119774. Https://doi.org/10.1016/j.techfore.2019.119774
Secundo, g., ndou, v., vecchio, p. Del, & de pascale, g. (2020). Sustainable development, intellectual capital and technology policies: a structured literature review and future research agenda. Technological forecasting and social change, 153, 119917. Https://doi.org/10.1016/j.techfore.2020.119917
Setyawati, e. P., & irwanto, a. (2020). Pengaruh intellectual capital terhadap return saham perusahaan manufaktur di indonesia. Jurnal ekonomi dan bisnis airlangga, 30(2), 100. Https://doi.org/10.20473/jeba.v30i22020.100-113
Shrestha, p. M., & lamichhane, p. (2022). Effect of firm-specific variables on stock returns: evidence from nepal. Quest journal of management and social sciences, 4(2), 249–259. Https://doi.org/10.3126/qjmss.v4i2.50320
Slamet, m. F. (2021). Pengaruh intellectual capital terhadap return on asset dengan ukuran perusahaan sebagai variabel jimea | jurnal ilmiah mea ( manajemen , ekonomi , dan akuntansi ). 5(3), 2612–2621.
Subaki, a., & sonjaya, a. (2021). The influence of profitability, company risk, company size and company growth on corporate social responsibility disclosure. Advance : jurnal accounting, 8(2), 1–19. Http://e-journal.stie-aub.ac.id
Sun, y., yang, y., huang, n., & zou, x. (2020). The impacts of climate change risks on financial performance of mining industry: evidence from listed companies in china. Resources policy, 69, 101828. Https://doi.org/10.1016/j.resourpol.2020.101828
Wahyuni, i. (2022). Unars, f e b. 1(4), 838–853.
Wang, j., zhang, y., & goh, m. (2018). Moderating the role of firm size in sustainable performance improvement through sustainable supply chain management. Sustainability (switzerland), 10(5). Https://doi.org/10.3390/su10051654
Windasari, d., & purwanto, a. (2020). Pengaruh risiko kredit, risiko pasar, risiko likuiditas, dan risiko modal terhadap return saham dengan ukuran perusahaan sebagai variabel moderating. Diponegoro journal of accounting, 9(3), 1–12. Http://ejournal-s1.undip.ac.id/index.php/accounting
Wu, f., zhang, d., & ji, q. (2021). Systemic risk and financial contagion across top global energy companies. Energy economics, 97, 105221. Https://doi.org/10.1016/j.eneco.2021.105221
Xu, j., & li, j. (2019). The impact of intellectual capital on smes’ performance in china. Journal of intellectual capital, 20(4), 488–509. Https://doi.org/10.1108/jic-04-2018-0074
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